What is a company's strategic plan, how to create it and examples
Posted: Wed Jan 22, 2025 10:34 am
I have created and updated this content to show the importance of creating a strategic plan for any type of company. There are various aspects of the market that cannot be controlled to guarantee success when creating a company, and the only thing left to do is adapt.
However, it is possible to take charge of factors that are under our control, such as a business strategic plan: the basis of any business model.
Increasing the company's profitability, optimizing the quality of our services, implementing a new line of products, among others, are objectives that can only be fulfilled when all managers, executives and collaborators have a guideline as a reference from which to carry out their work.
Therefore, I will show you what a company's strategic plan is, its importance, how you could develop a plan suitable for any business, and some real examples.
What is a company's strategic plan?
A company's strategic plan is a document that details how ivory coast whatsapp lead your business will develop in the short, medium and long term. This plan is based on quantitative and qualitative projections to determine which paradigms the company must follow to achieve its objectives and increase its profitability.
The creation of a strategic plan is an exercise that is part of strategic planning , which allows an organization to know what it wants to achieve in the future and how it will achieve it through resources, procedures and actions. To devise, project, decide and achieve objectives, it is necessary to rely on experience and qualitative tools, such as research, experience, SWOT analysis, among others.
On the quantitative side, it is vital to specify what resources are available to meet the objectives. It is important to draw up a master budget that covers all the aspects necessary to carry out the strategic plan. At the same time, it is essential to set the timeframes for each stage of development. The more specific it is, the better.
What is the purpose of a company's strategic plan?
The value of a strategic plan lies in determining the direction of a company. It is a document that establishes the future measures that will be taken to reduce risks and uncertainty in the market. Once the current situation and the next objectives are clear, it will be much easier to lead the organization to potential growth.
In addition to indicating the direction of a company, a strategic plan serves to identify business opportunities and significantly reduce negative external factors that may offset its benefits. Likewise, this plan helps to boost the organization's strengths and reduce its weaknesses.
How to make a company's strategic plan
Define the company's purposes.
Do an internal and external analysis.
Specify objectives and strategies.
Calculate the budget.
Develop an action plan.
Implement the plan.
1. Define the company's purposes
First, you need to lay the groundwork to understand what the company is, what sector it belongs to, what its principles are, and what it wants to achieve. To do this, you need to define the following points.
Mission : This is the reason for a company's existence, that is, why it offers a certain product or service and what it tries to contribute to the market and to the customer. By defining these aspects, it is also determining who it is.
Vision : is a visualization of the company's future; through it, it projects its objectives, its desire to grow and its motivation to continue advancing. The vision has to be achievable and objective.
Values : are the set of ethical principles that a company follows to carry out its activities in all the areas that comprise it and that prevail over time.
2. Do an internal and external analysis
At this stage, it is appropriate to conduct an in-depth investigation of the organization. It is important to examine the internal processes and investigate what is happening around and delve into issues that have to do with the company. In this case, you can use the SWOT analysis (which measures weaknesses, threats, strengths and opportunities).
For internal factors, you need to pay attention to the different areas of the company, employees and finances. Once you have detected them, divide them into:
Strengths : These are the positive aspects of the company that help it stand out from the rest and are therefore part of the competitive advantages; they can be high-quality raw materials, excellent service, among others.
Weaknesses : These are the processes within the company that need to be improved, as they can hinder its development; for example, too many administrative processes, poor quality control , delays in deliveries, etc.
Regarding external factors, you can rely on a market study, which will help you investigate the main competitors and inform you about legal and political changes relevant to your sector. You can divide them into:
Opportunities : are situations in the environment that are not the responsibility of the company, but that benefit it directly or indirectly; for example, new markets.
Threats : These are external aspects of the company that may harm it; they are closely related to competitors, the economy, laws, etc.
However, it is possible to take charge of factors that are under our control, such as a business strategic plan: the basis of any business model.
Increasing the company's profitability, optimizing the quality of our services, implementing a new line of products, among others, are objectives that can only be fulfilled when all managers, executives and collaborators have a guideline as a reference from which to carry out their work.
Therefore, I will show you what a company's strategic plan is, its importance, how you could develop a plan suitable for any business, and some real examples.
What is a company's strategic plan?
A company's strategic plan is a document that details how ivory coast whatsapp lead your business will develop in the short, medium and long term. This plan is based on quantitative and qualitative projections to determine which paradigms the company must follow to achieve its objectives and increase its profitability.
The creation of a strategic plan is an exercise that is part of strategic planning , which allows an organization to know what it wants to achieve in the future and how it will achieve it through resources, procedures and actions. To devise, project, decide and achieve objectives, it is necessary to rely on experience and qualitative tools, such as research, experience, SWOT analysis, among others.
On the quantitative side, it is vital to specify what resources are available to meet the objectives. It is important to draw up a master budget that covers all the aspects necessary to carry out the strategic plan. At the same time, it is essential to set the timeframes for each stage of development. The more specific it is, the better.
What is the purpose of a company's strategic plan?
The value of a strategic plan lies in determining the direction of a company. It is a document that establishes the future measures that will be taken to reduce risks and uncertainty in the market. Once the current situation and the next objectives are clear, it will be much easier to lead the organization to potential growth.
In addition to indicating the direction of a company, a strategic plan serves to identify business opportunities and significantly reduce negative external factors that may offset its benefits. Likewise, this plan helps to boost the organization's strengths and reduce its weaknesses.
How to make a company's strategic plan
Define the company's purposes.
Do an internal and external analysis.
Specify objectives and strategies.
Calculate the budget.
Develop an action plan.
Implement the plan.
1. Define the company's purposes
First, you need to lay the groundwork to understand what the company is, what sector it belongs to, what its principles are, and what it wants to achieve. To do this, you need to define the following points.
Mission : This is the reason for a company's existence, that is, why it offers a certain product or service and what it tries to contribute to the market and to the customer. By defining these aspects, it is also determining who it is.
Vision : is a visualization of the company's future; through it, it projects its objectives, its desire to grow and its motivation to continue advancing. The vision has to be achievable and objective.
Values : are the set of ethical principles that a company follows to carry out its activities in all the areas that comprise it and that prevail over time.
2. Do an internal and external analysis
At this stage, it is appropriate to conduct an in-depth investigation of the organization. It is important to examine the internal processes and investigate what is happening around and delve into issues that have to do with the company. In this case, you can use the SWOT analysis (which measures weaknesses, threats, strengths and opportunities).
For internal factors, you need to pay attention to the different areas of the company, employees and finances. Once you have detected them, divide them into:
Strengths : These are the positive aspects of the company that help it stand out from the rest and are therefore part of the competitive advantages; they can be high-quality raw materials, excellent service, among others.
Weaknesses : These are the processes within the company that need to be improved, as they can hinder its development; for example, too many administrative processes, poor quality control , delays in deliveries, etc.
Regarding external factors, you can rely on a market study, which will help you investigate the main competitors and inform you about legal and political changes relevant to your sector. You can divide them into:
Opportunities : are situations in the environment that are not the responsibility of the company, but that benefit it directly or indirectly; for example, new markets.
Threats : These are external aspects of the company that may harm it; they are closely related to competitors, the economy, laws, etc.